Binary options trading has been around since 2008, but with all the scammers trying to take advantage of the completely clueless, it still raises the question as to whether or not binary options is a scam.
With the mass confusion, I want to clarify a couple of things so that you have a better understanding of what binary options really is and whether or not you should get involved with it.
First of All, What are Binary Options?
This is nothing more than the outcome of a trade being one or the other. Click here to see what Wikipedia has to say about binary options.
How Binary Options Work
In the trading world, it would be nothing more than a “Call” or a “Put”, which you will be trading on whether the stock is going to go up or down.
If the stock goes up and you “called”, you will be in the money. If you “Put” and the stock rose, you will be out of the money and you will forfeit your wager.
Trading Binary Options
I have actually done a little bit of binary options trading myself and yes it is a coin flip. There are many programs out there that claim to help you win these trades, but I think every single one of them are nothing but a way to get you to signup to certain brokers.
However, there is a way to win more trades than lose, but it is going to take some education and patience. I learned how to do some trading with a buddy of mine and he wins about 90% of his trades.
I never thought I would be trading binary options, due to the fact that I have come across dozens of software scams throughout my online career.
Look Out For Scams
Let me just warn you that there are many (and I mean many) programs to claim to get you to win majority of your trades with their software, but trust me, they don’t work.
I have done many reviews on binary option products, and they are almost identical, with the type of scheme they have setup.
They’ll have some hollywood type video of them on some fancy yacht or mansion, telling you how you can become rich overnight, if you used their software.
Then you’ll have fake testimonials, from people they hired on sites like Fiverr.com, which will have nothing but actors telling you that that system has changed their live forever.
You’re a smart person, so I’m pretty sure you can tell what these scammers are up to the minute you hit their video. Everything is scripted.
Binary Options Are Not a Scam
As far as the trading side of things is concerned, binary options are completely legit. It is these programs that promise to make you millions of dollars a bad name, which makes people think that they are a scam.
Don’t get me wrong, trading with binary options is like picking black or white, unless you know what you are doing. Although there are other ways to make money online, this is just one of them.
Binary options is a form of trading and it is a great way for people to make some money. It is very risky and some people think it is some type of slot machine, but it really isn’t.
Not everyone is the same, and everyone has their little secret, but this is some very risky business. If you don’t have money to be investing in Binary Options, I don’t suggest you get involved with it.
In the end, binary options is not a scam, but you do need to stay away from any type of software that promises you’ll make millions of dollars overnight.
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